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Meta plans to lay off about 10% of its Reality Labs employees due to ongoing financial losses, totaling around $70 billion since 2020. The division focuses on metaverse products, which have failed to gain consumer traction, prompting a shift in the company’s focus toward AI development.
Mark Zuckerberg intends to significantly reduce funding for Meta's metaverse efforts, possibly slashing the budget by 30%. This could lead to layoffs in the metaverse group as early as January. The cuts affect initiatives like Meta Horizon Worlds and the Quest VR unit.
Meta is shifting its focus away from the metaverse, with CEO Mark Zuckerberg appointing Vishal Shah to lead a new initiative centered on artificial intelligence. This change signifies a strategic pivot for the company as it seeks to innovate and adapt in a rapidly evolving tech landscape.